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Globex Mining repurchases 1.5% royalty over Francoeur/Arntfield property

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Globex Mining repurchases 1.5% royalty over Francoeur/Arntfield property

Globex Mining Enterprises Inc. said Oct. 18 that it repurchased a 1.5% net smelter royalty over its Francoeur/Arntfield gold property in Quebec from Monarques Gold Corp.

Monarques Gold acquired the royalty when it bought Richmont Mines Inc.'s assets in Quebec under a deal that closed earlier this month. The royalty is payable by Globex up to a total of C$1.3 million, after which the royalty will be reduced to 0.5% on the property's additional gold production.

In exchange for the royalty, Globex paid C$25,000 in cash and terminated a 0.5% royalty payable by Monarques to Globex on claims in Quebec previously sold by Globex to Richmont. Globex also agreed to extend Monarques Gold's right to store ore from its Wasamac gold project in Quebec at the Francoeur site for an additional year to June 30, 2019.

Globex has requested a permit for 10 drillholes to explore a new gold zone at the Francoeur/Arntfield property. Drilling is expected to start next week.